Does IB Booktrader allow for multiple targets?

Discussion in 'Order Execution' started by Piotrek, Aug 12, 2008.

  1. Piotrek


    Looking to use Booktrader live DOM for ES order execution. Need a way to set multiple targets.

    Please take a look at this screen-shot first:

    As you can see, the option to Add Targets 2 and 3 and modify all 3 is impossible since they are "grayed out." You can only have one Target LMT and are unable to adjust the size?

    With a single DOM click, would like to click a Booktrader Limit price in the ladder, where the following child-orders are auto-populated (for demonstration purposes, let's use 3 ES contracts):

    1. STP order for all 3 contracts (ex, 2pt stop)
    2. Target 1 LMT order - @ +2pt, 1 contract taken off. STP order auto-adjusts so it now is protecting the remaining 2 live contracts.
    3. Target 2 LMT order - @ +4pt, 1 contract taken off. STP order auto-adjusts so it now is protecting the single (1) remaining live contract.
    4. Target 3 LMT order - @ +6pt, last contract taken off. STP nullified.

    Any tips would be welcomed. Thanks.
  2. I'm not a book trader expert, but you might want to look into buttontrader as they support this feature.
  3. Daal


    how did you get that window from the screenshot
  4. He got the window from trying to configure hotkeys for the booktrader.

    I saw a reply from Def (from IB) recently (either in ET or the IB forum) that said the 2nd and 3rd targets were there for future use (not yet implemented). For now, you would have to use a 3rd party frontend like BracketTrader, ZeroLine or ButtonTrader, etc.
  5. Daal


    are you sure. my window does not show that level of detail
  6. It's there. Are you using the latest version? Click on the "Configure" button in the Book Trader then go to the button section.
  7. I had asked IB about it before and they told me this feature was never really completed and is due to be removed.
  8. Daal:

    You may not be seeing the right hand section from his screenshot as it only shows up ("expands") if you choose one of the related options such as a trailing stop.
  9. Piotrek


    Thanks for replies. I have confirmed this is not possible with IB customer support. Looks like I will have to continue using Buttontrader and/or IB manually entered limit orders to act as targets. Easy enough with right clicks, especially since I am not a scalper.

    Don't understand why IB would not implement such a simple utility.
  10. Took years just to get IB to have trailing stops. From what I remember, they had a really weird reason for not doing so. It was something like "everyone's stop would get hit all at once, why would you want that?". My memory could be wrong though.
    #10     Aug 17, 2008